11 December 2007

NYSE inaugurates Beijing office

The NYSE officially inaugurated its Beijing office on Tuesday.

NYSE was the first foreign exchange to receive approval from the Chinese government to open a representative office in China. US Treasury Secretary Paulson said the opening of the office reflected China's World Trade Organization commitment to open its capital market, and with the opening of the market, China would be further integrated into the global capital market.

On September 4, it was disclosed the NYSE had received approval from the China Securities Regulatory Commission (CSRC) to open a representative office in Beijing. It was the first foreign exchange to receive such an approval.

Since July 1, foreign exchanges have been allowed to set up representative offices after receiving approvals.

"The new office will serve to provide on-the-ground support for our listed companies and strengthen our presence in China," said NYSE Euronext (NYX) chief executive Duncan L. Niederauer, who was on his first overseas trip since becoming exchange boss earlier this year.

He said as a global economic powerhouse, China would continue to develop its capital markets and the US side would go forward as a partner with China to strengthen cooperation.

NYSE Euronext is a holding company that was created by the merger of the NYSE Group, Inc. and Euronext N.V. in April. NYSE Euronext started trading on April 4 and operates the world's largest and most liquid exchange group.

The NYSE lists 36 Chinese mainland companies with a total market capitalization of $1.5 trillion.

Statement Paulson

© Graham Bishop